Is It the Right Time to Get a Home Loan? Find out Now!

The question of when it’s the right time to buy a home has been asked by countless. And the answer to that largely depends on what one means by “the right time.”

When is it the right time to buy according to the market?

When is it the right time to buy according to your current financial situation? 

When is it the right time to buy considering life goals and opportunities?

As you can see, the “right time” is a very personal thing. Let’s go in-depth and look at each of these situations. Remember to contact us for a personalized recommendation and get matched with a mortgage loan program that fits your right time.

The Real Estate Market and the Right Time to Buy

Buyer’s market. Seller’s market. Seasoned real estate investors can even have trouble nailing down the “right time” to buy. There are a few things to help you gauge whether the market is right for buying:

1. Price trend in your desired area: Comparing the historical home costs gives you valuable insight as to whether you can expect prices to rise quickly or stay steady. It’s useful to compare those trends with other areas in the county to see the bigger picture for asking price and home sales.

2. Home sale trends: If home sales seem to be moving slowly, it’s a good indicator that it’s a buyer’s market and likely the right time to buy. Sellers will be more willing to negotiate, and there will be less competition.

3. New construction slowing down: Watch out for lagging in construction. Lagging can mean that the housing will be in short supply which will be driving prices and competition up.

4. Interest rates: Another number you want to look at is interest rates. There’s no absolute way to predict what interest rates will be tomorrow or even next week. However, there are several key indicators that true mortgage professionals look at to gain insight. Working with a trustworthy professional is key. A seasoned professional will guide you when the right time to buy is considering mortgage rate trends.

Your Finances and the Right Time To Buy

The market and current mortgage rates play a critical role as to whether it’s the right time to buy a home, but so do your finances. You may have heard that you need to save 20% for the downpayment. If you don’t have 20%, you may think it’s not the right time to buy. However, certain loan programs let you purchase a home with as little at 3.5% –some even less than that! Even a struggling credit score may not affect your “right time to buy.” Government-backed home loans allow banks to issue great loan packages to buyers with lower than average credit scores. If fear of getting denied a home loan due to low credit has been holding you back, now is the RIGHT time to discover the possibilities.

Life Goals and the Right Time to Buy

With the above mentioned in mind, let’s now consider your life goals. Are you ready to set roots –at least for five years –in one community? Ready to invest with long-term payoff? Tired of renting and the inability to make customize your home? If these sound like you, then now is the right time to buy.

Even in less than favorable real estate markets, great rates and life circumstances may mean that it’s your right time to buy. Get a custom rate quote! Our mortgage office is dedicated to truth in lending and personalized service. Contact us today to learn about your mortgage options and discover if it truly is the right time for you to buy!

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Check if you Qualify for a Loan

Before you start shopping for a home, you need to know exactly how much you can actually qualify for.

Answer 6 simple questions to make sure that you meet the simple basic requirements to qualify for a mortgage.  Once in our “Exclusive Pre-Qualifying Mortgage Calculator,”  all you have to do is plug in your numbers to see if you qualify.  This calculator is based on the income, debt, and purchase price that you enter and will show you if you qualify or not for a Conventional Mortgage Loan or an FHA (Federal Housing Administration) Mortgage Loan.

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